PKO could issue its third euro benchmark covered bond as soon as next week, having mandated for a new issue with an expected intermediate maturity and announced a roadshow that will kick-off at this week’s industry events in Barcelona.

PKO Bank Hipoteczny announced this (Monday) afternoon that it has mandated HSBC, PKO Bank Polski, LBBW and UBS to lead manage a potential euro benchmark covered bond, which is expected to have an intermediate maturity.

The deal is expected to follow a roadshow that will commence on Wednesday when the European Covered Bond Council (ECBC) holds its plenary in Barcelona, and conclude next Monday (18 September).

The Polish issuer has sold two euro benchmark covered bonds to date, both Eu500m (PLN2.12bn) short six year issues, the first in October 2016 and the second in March.

PKO Bank Hipoteczny is the only Polish issuer to have sold benchmark euro covered bonds to date. However, compatriot mBank Hipoteczny is ready to issue its first public euro-denominated covered bonds, potentially including a benchmark, having received approval for a new Eu3bn programme in July.